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Partnership
chapter tables |
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Partnership
Detailed tables
and descriptions |
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Taxation
statistics - whole document |
This chapter
provides information on partnerships, as reported on their partnership tax
returns. A partnership is a relationship between separate persons carrying on a
business with a view to profit, and for tax law purposes also includes persons
in receipt of income jointly. Each partner contributes towards the partnership
and shares in the profits or losses and responsibilities.
A partnership
does not pay tax in its own right. Instead each partner pays tax on their share
of the net partnership income at their individual tax rate (or claims a
deduction for their share of any partnership loss). All shares of capital gains
or losses relating to capital gains tax events for partnership assets must be
disclosed on the partners' tax returns.
A partnership
requires a tax file number and must lodge a tax return at the end of the income
year. All income earned and deductions claimed for expenses incurred in earning
income for the partnership must be shown on the tax return. Although this
return is simply an information return, it provides the basis for determining
each partner's respective share of the net partnership income or loss.
OVERVIEW
For the 2009-10
income year:
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